Hydrogen Gas Market-Growth, Trends, and Forecast (2020-2025)

Market Overview
The hydrogen gas market is expected to grow at a CAGR of above 5.4% during the forecast period of 2019-2024. The major factors driving the growth of market studied are the increasing demand for hydrogen fuel cell, and the growing demand from chemicals industry. On the flipside, safety concerns regarding usage of hydrogen gas serve as one of the major concerns for the studied market.
– Refining industry dominated the market in 2018 and is likely to grow during the forecast period with the continuously increasing consumption and demand of refined products.
– The growing investments into refining industry, and research & development (R&D) innovating technologies to adapt to hydrogen gas, are likely to provide opportunities for the studied market during the forecast period.
– North America dominated the market across the globe, owing to the growing adoption of novel technologies, and favorable government regulations which promotes the use of hydrogen in the region.

Key Market Trends
Refining Segment to Dominate the Market Demand
– Refining industry dominates the demand for hydrogen gas. In refineries, hydrogen gas is extensively used to process crude oil into refined fuels, like gasoline and diesel, and for removing contaminants, such as sulfur from such refined fuels.
– There are various hydro-treating processes in a refinery in which hydrogen gas is used, such as hydrodesulfurization, hydroisomerization, dearomatization, and hydrocracking.
– Approximately 75% of the hydrogen gas currently consumed worldwide by oil refineries comes from large hydrogen plants, which produces hydrogen from natural gas or other hydrocarbon fuels.
– Besides, refineries also cater to its demand through hydrogen recovery from hydrogen-containing streams generated during the refining processes.
– Owing to the high demand for refined products, and by-products, downstream industry has been witnessing huge investment across the globe in order to increase refining capacities in the existing plants or in setting up new refineries.
– Hence, with such investments & capacity additions, the demand for hydrogen gas from refining industry is projected to increase across the globe during the forecast period.
North America Region to Dominate the Market
– North America region dominated the global market share in 2018. The region has been witnessing noticeable investments into exploration, production, and refining sector, which is expected to drive the demand for hydrogen gas extensively in the coming years.
– For instance, in May 2019, Royal Dutch Shell PLC subsidiary, Shell Chemical LP, has conducted advancing feasibility studies for a potential USD 1.2 billion manufacturing expansion of monoethylene glycol (MEG) production at its 841-acre Geismar chemicals complex in Ascension Parish, Louisiana.
– Similarly, numerous big oil companies have been looking forward for investments in order to capitalize on the crude being produced from the booming Permian Basin in West Texas.
– Besides, industries, such as automotive, aerospace, metal fabrication, chemicals, and others have also been witnessing growth in demand, which is further increasing production in such industries in the region.
– Thus, with such trends in the market, the demand for hydrogen gas from such industries is expected to increase significantly during the forecast period.
Competitive Landscape
The hydrogen gas market is a consolidated market, where major players holds significant share of the market demand. Some of the major players in the market include Air Liquide, Air Products and Chemicals, Inc., Iwatani Corporation, Linde, and Praxair Technology, Inc., amongst others.
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Companies Mentioned:
– Aditya Birla Chemicals
– Air Liquide
– Air Products and Chemicals Inc.
– BASF SE
– Gujarat Alkalies and Chemicals Limited
– Gulf Cryo
– Matheson Tri-Gas Inc.
– Messer Group
– Praxair Technology Inc.
– The Linde Group
– Universal Industrial Gases Inc.

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